Senate rebuffs 'Buffett tax'

US President Obama's plan to raise tax rate for wealthy to 30 per cent blocked by upper house of Congress.

17 Apr 2012 10:09 GMT

The US Senate has blocked a proposal by President Barack Obama to make the country's top earners pay more tax.

The proposal was named after the millionaire Warren Buffett who supported Obama in calling for a law requiring US citizens who earn more than $1,000,000 a year to pay a 30 per cent tax rate on their income.